Internet gaming firm bet365 has announced that they've signed a 20 year partnership agreement with Empire Resorts, gaining entry into the lucrative New York gambling market as a result.
The agreement will see Bet365 subsidiary Hillsdale working on developing a sportsbook for Empire's Catskills location, with both a physical and online sportsbook included in the deal. The agreement is lucrative for bet365, as New York is the fourth most populous state in the United States. Under the terms of the agreement, the two entities will split profits evenly for the venture, but bet365 will initially take in more to make up for the costs of building the book.
Speaking about the deal Hillsdale President Simon Betteley said, "This landmark agreement, which combines Empire's gaming operating skill with our expertise in providing best-in-class online sports betting, allows Bet365 to tap into what we believe will be one of the most significant online and sportsbook markets in the US."
Empire Resorts CEO Ryan Eller added: "The intent of the alliance is to create lasting value by working together over the long term to capitalise on what is expected to be one of the largest sports betting markets in the US. The 20-year term, along with the multiple options to renew, provides for a long-term commercial alliance designed to survive the tests of time and achieve and maintain a leading position in New York's sports betting market."